Manchester United's owners "The Glazer Family" are ready to sell The Red Devil's. The Glazers are willing to sell their entire stake in the Old Trafford club, which they bought for €900m in a leveraged buyout in May 2005 to Singapore stock exchange.
The American owners are reportedly preparing an initial public offering for up to 25 per cent of the club by the end of the year depending on market conditions
Manchester United's owners, the Glazer family, are prepared to sell their entire stake in the club amid reports of a $1 billion (€695m) flotation on the Singapore stock exchange.The Qatari government has previously been credited with an interest in buying United but the Glazers' reported €1.9bn valuation is said to have been too prohibitive.
The club is looking to slash its £500m (€570m) debits which are still costing United £45m (€51m) a year to service despite paying out around £350m (€400m) to service the loans taken on to buy the club six years ago. The Glazers' ownership has been shrouded in controversy, with many United fans angry that the club is in such debt despite an annual turnover of £286m (€326m) in its latest accounts for the year to June 30 2010.
Supporters groups have argued that the money spent to service the debt could have been used to improve Sir Alex Ferguson's squad and to keep ticket prices at a stable level during a tough economic period. The supporters were trying to push the Glazers out of the club since 2009.
The opposition to the Glazers' ownership inspired the Red Knights, a group of City bankers and lawyers, to attempt a €1.1bn takeover of the club in 2009. At its peak, the consortium amassed about 70 wealthy backers but the bid was ultimately thwarted by the Glazers' €1.7bn asking price.Now the Glazers are ready to sell the club in £1bn.
The club is looking to slash its £500m (€570m) debits which are still costing United £45m (€51m) a year to service despite paying out around £350m (€400m) to service the loans taken on to buy the club six years ago. The Glazers' ownership has been shrouded in controversy, with many United fans angry that the club is in such debt despite an annual turnover of £286m (€326m) in its latest accounts for the year to June 30 2010.
Supporters groups have argued that the money spent to service the debt could have been used to improve Sir Alex Ferguson's squad and to keep ticket prices at a stable level during a tough economic period. The supporters were trying to push the Glazers out of the club since 2009.
The opposition to the Glazers' ownership inspired the Red Knights, a group of City bankers and lawyers, to attempt a €1.1bn takeover of the club in 2009. At its peak, the consortium amassed about 70 wealthy backers but the bid was ultimately thwarted by the Glazers' €1.7bn asking price.Now the Glazers are ready to sell the club in £1bn.
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